Pharmaceutical innovations

rdf:langString Pharmaceutical innovations

rdf:langString Pharmaceutical innovations are currently guided by a patent system, the patent system protects the innovator of medicines for a period of time. The patent system does not currently stimulate innovation or pricing that provides access to medicine for those who need it the most, It provides for profitable innovation. As of 2014 about $140 Billion is spent on research and development of pharmaceuticals which produces 25–35 new drugs. Technology, which is transforming science, medicine, and research tools has increased the speed at which we can analyze data but we currently still must test the products which is a lengthy process. Differences in the performance of medical care may be due to variation in the introduction and circulation of pharmaceutical innovations. Pharmaceutical innovation may not apply the same definition of "initiative" as other industries because while a product might use a new molecule or formula, that by itself holds very little value. For people that need the product the health benefits that were not previously achievable may be a deciding factor as to whether or not it is initiative. While a pharmaceutical company may view a product that fills a niche as innovative if it can produce a profit. A decline in research and development has been coined as Eroom's Law.